Global Markets
Home›Global Markets›Trade & Tariffs›ONGC shares rise more than 2% on crude oil price surge
ONGC shares rise more than 2% on crude oil price surge
The stock traded up to ₹239.85 intraday on 10 September as Brent moved above $101 per barrel amid renewed US Iran tensions.
ONGC shares climbed more than 2% in early trade on 10 September, rising 2.6% from the previous close of ₹233.80 to an intraday high of ₹239.85 on the BSE, even as the Sensex fell by more than 60 points.
The move tracked a rise in crude oil prices, with Brent trading above $101 per barrel as hopes for a deal between Washington and Tehran were dashed amid fresh fighting. Market coverage attributed the higher crude levels to escalating US Iran tensions.
Higher crude prices can be supportive for ONGC because it is primarily an upstream oil and gas producer, and its crude sales revenue can increase if production volumes stay stable.
ONGC has gained 3% in September so far after a 4% drop in August, while the stock is flat year to date versus a 12% fall in the Sensex. Earlier this year, the shares hit a 52-week low of ₹227.60 on 30 June, after reaching a 512-week high of ₹307.50 on 29 April.
Latest closeWTI crude $97.01 ▲4.3%|Brent $102.05 ▲4.2%|Sensex 75,577.58 ▼0.7%